As a part of turnaround strategy, UCO Bank is planning to merge those bank branches which are not much profitable. Meanwhile, the bank also plans to focus on its CASA mobilisation, restrictions in lending to corporate entities, and depending on sectors like agriculture, retail, and micro, small and medium enterprises for loan growth.

2017-09-09 :UCO Bank revises MCLR rates

Public sector lender, UCO Bank has reduced its marginal cost based lending rate (MCLR) across all tenors. For overnight and one month maturities, the rate has been revised to 8 per cent and 8.1 per cent, while for three month and six month maturities the rate has been reduced to 8.15 per cent and 8.35 per cent respectively. The new MCLR rates are effective from 10th September, 2017.

2017-07-29 :UCO Bank announces reduction in MCLR rates

UCO Bank has slashed its marginal cost based lending rate (MCLR). For overnight, one month and three month maturities, the rates have been revised to 8.10 per cent, 8.20 per cent and 8.25 per cent respectively. The new MCLR rate for six month and one year is 8.45 per cent and 8.55 per cent respectively. The new MCLR rates are effective from 10th July, 2017.

2017-06-29 :UCO Bank plans to raise the capital of Rs. 3,000 crore this financial year

Public sector lender, UCO Bank is planning to raise the capital of Rs. 3,000 crore this financial year. The capital of Rs. 3,000 crore will be raised from the Life Insurance Corporation of India (LIC), while the bank is also looking for some other fund raising options like follow on issue or QIP. The bank has reported that the freshly raised fund will be used against supporting its credit growth and extending its business opportunities in the subsequent years.

UCO Bank chief has urged its employees to share the burden to improve the performance of the bank. On April 8, 2017 he made a presentation to its staff members and explained areas of improvement in customer service retail loans, housing loans and priority sector lending. He further added that the employees may not get their reimbursement if they fail to deliver the expected performance.

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